In India, after the boom of mergers, acquisitions, and liberalization processes of the Indian economy, Indian corporations have realized the importance of brand management as one of the most valuable intangible assets.
So what makes a brand name strong? A significant advantage of a brand can be, for example, the fact that it is more likely to be chosen by customers. As a result, a strong brand usually has a higher price than competing products/services in the market. And it is not just about India.
Many new products fail because their manufacturers fail to create a brand name that reminds consumers of the product’s availability or makes consumers think of the product as useful, desirable, or simply superior to similar offerings.
Mere registration as trademarks, copyrights, patents, or designs, while necessary, may not be sufficient in today’s competitive markets. Thus, brands and company images need to be treated as an integral reputation, and owners and consultants should make every effort to identify brands, protect, promote and enforce all IP rights through constantly evolving innovative means.